Document/Exhibit Description Pages Size
1: 8-K Current Report 3 13K
2: EX-2 Plan of Acquisition, Reorganization, Arrangement, 11± 28K
Liquidation or Succession
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 24, 1996
SUNSTATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5300 22-1664434
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4600 Marriott Drive, Suite 200, Raleigh, North Carolina 27612
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 919-781-5611
(Former name or former address, if changed since last report.)
Item 3. Bankruptcy or Receivership
Effective Monday, December 2, 1996, Sunstatates' insurance subsidiaries,
Coronet Insurance Company, National Assurance Indemnity Company, Crown
Casualty Company (collectively referred to as Coronet), as well as Casualty
Insurance Company of Florida, each voluntarily suspended issuing all new or
renewal policies. Coronet informed the Illinois Department of Insurance
that its continuing underwriting losses coupled with declines in the value
of its investment portfolio had reduced its statutory surplus to less than
the minimum amounts required under insurance regulations. On December 3,
1996, the Illinois Department of Insurance issued a Cease and Desist Order
prohibiting Coronet from issuing new or renewal policies in any of the 28
states in which it is authorized to conduct business.
On December 10, 1996, Coronet consented to an Order of Conservation
appointing the Director of Insurance of the State of Illinois as Conservator
of Coronet. The Order of Conservation authorized the Conservator to take
possession and control of the property, books, records and assets of Coronet
and to supervise their business and affairs in an effort to conserve their
assets. The Order contained a temporary moratorium upon the payment of all
claims and loss related expenses subject to certain hardship provisions as well
as other contractual obligations of Coronet, until further order of the court,
as well as an injunction prohibiting suits against Coronet outside of the
conservation proceedings. Under the terms of the Order, Coronet was
allowed to continue its efforts to secure approximately $20 million of new
capital to allow Coronet to resume writing new or renewal policies. However,
if Coronet was unsuccessful in obtaining such capital prior to December 23,
1996, the Director of Insurance was authorized to initiate the liquidation of
Coronet.
Coronet was unable to secure the new capital and on December 24, 1996, the court
issued an Agreed Order of Liquidation With A Finding of Insolvency whereby
the Director of Insurance of the State of Illinois was appointed as Liquidator
of Coronet. The Liquidator was authorized and directed to take immediate
possession and control of the property, books, records, accounts, business
affairs and all other assets of Coronet and to marshall and liquidate the
assets, business and affairs of Coronet pursuant to the provisions of
Article XIII of the Illinois Insurance Code.
At September 30, 1996, Coronet's statutory statements reflected total assets of
$51,136,341 and total liabilities of $59,182,743.
Similarly, on January 3, 1997, an Agreed Order of Liquidation With A Finding
Of Insolvency was entered by the Court with respect to National Assurance
Indemnity Company, a wholly-owned insurance susidiary of Coronet. The terms
of such order were substantially identical to the terms of the Coronet order.
Item 7. Financial Statements and Exhibits
(c) Exhibits
2. Agreed Order of Liquidation With A Finding of Insolvency
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
SUNSTATES CORPORATION
/s/ Glenn J. Kennedy
Date: January 8, 1997 Glenn J. Kennedy
Chief Financial Officer
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
EXHIBITS
FORM 8-K
CURRENT REPORT
Date of Report Commission File Number
December 24, 1996 1-5300
SUNSTATES CORPORATION
EXHIBIT INDEX
Exhibit No. Exhibit Description
2 Agreed Order of Liquidation With A Finding Of Insolvency
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
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This ‘8-K’ Filing | | Date | | First | | Last | | | Other Filings |
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| | |
Filed on: | | 1/8/97 | | 2 |
| | 1/3/97 | | 2 |
For Period End: | | 12/24/96 | | 1 | | 2 | | | 8-K |
| | 12/23/96 | | 2 |
| | 12/10/96 | | 2 | | | | | 8-K |
| | 12/3/96 | | 2 |
| | 12/2/96 | | 2 |
| | 9/30/96 | | 2 |
| List all Filings |
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